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Verifiable

From Econterms, for About.com

Definition: Verifiable means observable to outsiders, in the context of a model of information.

Models commonly assume that some the values of some variables are known to both of the parties to a contract but are NOT verifiable, by which we mean that outsiders cannot see them and so references to those variables in a contract between the two parties cannot be enforced by outside authorities.

(Econterms)

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